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Indian stocks finish week higher but volatile as sentiment stays cautious
Nifty 50 ended the week up about 0.8% to 24,570.7, with Friday declines tied to selling in financials after RBI’s draft lending norms, while mid- and small-cap stocks outperformed.
Indian equities ended the week on a mildly positive but volatile note, with the Nifty 50 gaining about 0.8% to close at 24,570.7 on July 31, while the Sensex rose about 0.5% to 78,499.2, LiveMint Markets reported. The week started with broad-based gains led by IT and banking, but momentum later faded as the indices moved in a range after the introduction of a Closing Auction Session.
Sentiment remained cautious amid rising crude oil prices and uncertainties around the Strait of Hormuz, along with US-Iran tensions, LiveMint Markets added. The pullback was most pronounced on Friday, when the Nifty and Sensex fell 0.3% and 0.6% respectively, driven by selling in financial stocks including Bajaj Finance after the RBI’s draft lending norms.
Despite weakness in frontline indices, LiveMint Markets said mid- and small-cap stocks outperformed, while IT and auto stocks offered some support. Mehul Kothari, Deputy Vice President, Technical Research at Anand Rathi, said the broader market structure remains strongly constructive, citing a breakout above 24,500 followed by consolidation.
Kothari said a sustained move above 24,750 could trigger the next leg higher toward 25,000, while he expected the 24,300 to 24,100 zone to act as key support, LiveMint Markets reported. The article also noted that Nifty Bank remained above its 20-day exponential moving average and referenced an RSI reading of 56.31.
Latest closeWTI crude $78.07 ▲3.8%|Sensex 78,581.00 ▲0.2%